Munger, a graduate of Harvard Law School, was practicing law in Omaha, Nebraska when he met Warren Buffett, who would eventually convince him to change careers. A master of the craft of value investing, Munger is known for his breadth of knowledge inside and outside the scope of investing, sharp wit, and a high quotability factor. Buffett frequently credits Munger for expanding his investing horizons by convincing Buffett to shift his focus from a pure deep value, Benjamin Graham-style approach to one focused on investing in undervalued businesses with economic moats.
One of Tom Gardner's favorite Munger principles is the notion -- first popularly advanced by 19th century mathematician Carl Jacoby -- that to get closer to the right answer, scholars should "invert, always invert." For Munger as an investor, this means stacking up all the reasons you like a stock. But then, before considering purchase, invert -- list all of the reasons to dislike that same stock. Munger believes this more scientific approach will force you to see things as they really are.
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